|We will not be hosting Coffee with Colleen for the next two Wednesdays. We will resume Coffee with Colleen at our regular day and time on Wednesday Dec. 1st.|
|SHOP LOCAL! |
For every $100 spent in locally owned independent stores, $68 is returned to the community. If you spend that in a national chain store, only $43 stays local. Spend it online and nothing comes back to our community. This year, lets support our local small businesses by shopping local and supporting our entire community!
Shop Small Saturday 2020 – Sequim-Dungeness Valley Chamber of Commerce & Visitor Information Center (sequimchamber.com)
Small Business Weekend – Nov 26, 2021 to Nov 28, 2021 – Port Angeles Regional Chamber of Commerce, WA
Shop Local Forks
|Employee Retention Tax Credit – Get paid back up to $28K for each Employee You Kept on the Payroll: If your business: |
• Was at least partly closed due to a government order OR the business’s revenue declined by 20% or more for any quarter this year; AND
• You kept employees on the payroll:
You may be eligible for 2021 employee retention tax credits of up to $28,000 per employee. And the longer you keep your employees on payroll, the more money you are eligible to receive.
The deadline is Dec 31st. Click HERE for more details. Contact us at firstname.lastname@example.org if you’d like personal assistance.
You Can Still Apply for Future Rounds of Lifeboat3 Grants – Next Round of Review is in Nov: $5-$20K in grants funded through Clallam County. The Grant Selection Committee is reviewing the applications submitted thus far. If a business is not selected for funding in this round, they will be still be considered for future rounds. We anticipate we will notify applicants of the Grant Selection Committee first round decisions within the next two weeks.
The EDC and it’s partners are actively reaching out to businesses that likely qualify but have not yet applied. Click HERE to apply for the 3rd round.
|The deadline is quickly approaching! You have until Dec. 1, 2021 to apply for the WA Cares Act Employee Exemption. Our Business Relationship Manager, Lorie Fazio, put together a fantastic training this week and in case you missed it, here’s a link to that guide.|
WA Cares Act Employee Exemption Guide
|EVENTS & TRAINING…|
| Nov. 30: Create a Website that Engages! |
Date: 11/30/21 Time: 11:00 AM – 12:00 PM (PST) Add to calendar
Status: Open – 420 places remaining
Registration Deadline: 11/30/21 11:00 AM (PST)
Fee: No Fee
Point of Contact: Washington SBDC Training
Program Format: Online Meeting (Live) Training Topics: Marketing/Sales Description: Most every business needs a website. But having a website that engages with visitors is key to helping you build your prospect base.
In this webinar, you will learn what is needed for easy navigation. Techniques that will get your website to perform better. How to integrate video and testimonials to showcase your brand. How to create calls to action so you build your prospect base.
Click here to Register!
|November is Global Entrepreneurship Month: With business-starts up nearly 20% statewide compared to a year ago, entrepreneurs are more important than ever in helping our economy recover and grow. To support you, The Washington State Department of Commerce is once again hosting a series of more than 50 online classes, workshops and interactive sessions throughout November. From finances and hiring to marketing and exporting, there’s something for everyone during Global Entrepreneurship Month (GEM), whether you’re a first-time business owner or a seasoned vet who needs to re-engage that entrepreneurial spirit to rebuild, recover and restart. In addition to the live sessions, there are also on-demand, pre-recorded content and the state’s Entrepreneur Academy, a series of 11 free courses taught by a team of experts on subjects ranging from choosing the right location to ideation. You can register for multiple 2021 GEM sessions at http://bit.ly/wa-gem.|
|WA. State Department of Commerce has also introduced their newest program; the Restart Academy. If you had to reinvent or restart your business, these unique online courses provide tools, tips and resources to help you build back faster.|
|Lifeboat 3 Application Portal for Round 2 has closed. The Next Round of Review is scheduled for 2022. Get your application in today! |
The Clallam County Commissioners have agreed to begin the process to distribute up to $3 Million in American Rescue Plan Act funds to small businesses that have been the hardest hit and/or unable to receive federal or state funding with priority going to businesses that fall into one of the following categories:
Small businesses who previously applied and qualified for Working Washington or prior CAREs-funded Lifeboat grants that did not receive funding;
Nonprofits (and potentially small businesses) who provide child care services;
Small businesses who qualified for 2nd PPP rounds of funding due to incurring a 25% reduction in revenues but did not receive a 2nd PPP loan;
Startup small businesses who commenced operations in 2019 or 2020 in Clallam County or changed their business type in 2019 or 2020;
Fishing guides that did not qualify for any state or federal assistance programs during the pandemic;
Event Planners & Festival Operators that did not qualify SVOG or other state assistance programs;
Restaurants who applied for a Restaurant Revitalization Fund but did not receive any funding;
Businesses that transported passengers who tested positive for COVID-19 for transport to the hospital, that incurred significant unreimbursed COVID mitigation related costs);
and Businesses that can make the case that their unique situation of revenue loss (relative to other businesses in the county) warrants grant funding.
You’ll be able to find more information about the grant program at https://chooseclallamfirst.com/lifeboat-3-grant/.
|The 2021-23 Early Learning Facilities (ELF) grant application is now open. The 2021-23 Early Learning Facilities (ELF) grant application is now open. Please visit our website for the link to the Zoom Grants application and to access supporting materials.|
|Emergency Broadband Benefits |
About the Emergency Broadband Benefit
The upcoming Emergency Broadband Benefit will provide a discount of up to $50 per month towards broadband service for eligible households and up to $75 per month for households on Tribal lands. Eligible households can also receive a one-time discount of up to $100 to purchase a laptop, desktop computer, or tablet from participating providers if they contribute $10-$50 toward the purchase price.
Who Is Eligible for the Emergency Broadband Benefit Program? A household is eligible if one member of the household meets one of the criteria below:
1. Receives benefits under the free and reduced-price school lunch program or the school breakfast program, including through the USDA Community Eligibility Provision, or did so in the 2019-2020 school year;
2. Received a Federal Pell Grant during the current award year;
3. Experienced a substantial loss of income since February 29, 2020 and the household had a total income in 2020 below $99,000 for single filers and $198,000 for joint filers; or
4. Meets the eligibility criteria for a participating providers’ existing low-income or COVID-19 program. Download the EBB Brochure HERE.
|Other Good Stuff…|
|Due to Covid-19, the IRS has released this Frequently asked questions for states and local governments on taxability and reporting of payments from Coronavirus State and Local Fiscal Recovery Funds. Click Here to Learn More|
|Resources for Employer Health Insurance for Employees Are you looking to provide health insurance for your employees? Here are a few Washington State options! Business Health Trust One Redmond|
|Clallam County Free Food Resources WSU Extension has provided a comprehensive list of free food resources for Clallam county. |
To download the list click the link below. You can also find this and other resources at chooseclallamfirst.com/communityrelief
Free Food Resources
|Statewide Resource – No-Cost Accountant Services: The Seattle Metro Chamber’s REACH program and the Business Health Trust are sponsoring accounting consulting services for small businesses to help employers navigate PPP forgiveness, Employee Retention Tax Credits, the Shuttered Venue Operators Grant and financial record-keeping for the Restaurant Revitalization Fund. The CPA assistance is available to Washington businesses with 100 employees or fewer. |
Employers can reach out to Leigh (email@example.com) to get connected with an accountant at Clark Nuber. Many thanks to the Seattle Metro Chamber for offering this amazing resource statewide!
|LOW INTEREST RATE, GOVERNMENT-FUNDED BUSINESS LOANS…|
|SBA EIDL Loans are now Better than Ever – New Upgrades: |
On September 8, the SBA announced major changes to the Economic Injury Disaster Loan Program.
Key highlights include:
𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝘁𝗵𝗲 𝗖𝗢𝗩𝗜𝗗 𝗘𝗜𝗗𝗟 𝗖𝗮𝗽 from $500,000 to $2 Million!
Payment Deferment: Payments are deferred for the first 2 years (during which interest will accrue), and payments of principal and interest are made over the remaining 28 years. No penalty for prepayment. 𝗘𝘀𝘁𝗮𝗯𝗹𝗶𝘀𝗵𝗺𝗲𝗻𝘁 𝗼𝗳 𝗮 𝟯𝟬-𝗗𝗮𝘆 𝗘𝘅𝗰𝗹𝘂𝘀𝗶𝘃𝗶𝘁𝘆 𝗪𝗶𝗻𝗱𝗼𝘄 for loans of $500,000 or less. 3.75% fixed interest rate for businesses30-year term
𝗘𝘅𝗽𝗮𝗻𝘀𝗶𝗼𝗻 𝗼𝗳 𝗘𝗹𝗶𝗴𝗶𝗯𝗹𝗲 𝗨𝘀𝗲 𝗼𝗳 𝗙𝘂𝗻𝗱𝘀. COVID EIDL funds will now be eligible to prepay commercial debt and make payments on federal business debt.
Fees: For loans $25,000 or less: No fees if applying directly through SBAFor loans greater than $25,000: One-time $100 fee for filing a lien on borrower’s business assets plus costs to file lien on real estate when applicable.
For loans greater than $500,000 where SBA is taking real estate as collateral: One-time $100 fee for filing a lien on borrower’s business assets. Additionally, the borrower will be responsible for recording the real estate lien and paying the associated fees.
Collateral: Required for Loans greater than $25,000
Personal Guaranty: Required for loans greater than $200,000
SBA EIDL INFO
SBA Coronavirus Recovery Information in Other Languages
|The new Washington State Small Business Flex Fund is OPEN|
As of July 4, over 561 applications had been matched with CDFI lenders requesting $56.449 million. Of the application pool, 53% are women-owned businesses, 73% are women and minority-owned businesses and 53% are non-white business owners.The Small Business Flex Fund, a simple and flexible loan for Washington’s smallest businesses and nonprofits. With the Small Business Flex Fund, you’ll experience low interest rates, longer payback timelines, and community-based lenders with decades of experience helping businesses like yours to thrive.
Who is eligible to apply?
Fewer than 50 employees
Annual revenues of less than $3 million
Experienced direct economic hardship due to COVID-19
Borrow up to $150,000No fees and interest-only payments for the first year3% – 4.5% interest rates60 and 72-month loan terms (72-month loan term only available until Dec. 31 this year) Loan use is flexible
Payroll Utilities and rent, Marketing and advertising, Building improvements or repairs, Other business expenses
LEARN MORE AND PRE-APPLY
Read the June 30 media release about the opening of the Fund.
|IMPORTANT EMPLOYER UPDATES FROM ESD:|
|Paid Leave: Premium Rate to Increase in 2022 For the first time since Paid Family and Medical Leave launched, the premium rate will increase. This change goes into effect with Quarter 1 of 2022. The split of the employer and employee share of the premium rates will also change in the new year. |
Starting Jan. 1, 2022, the premium rate will be 0.6%: The new premium rate of 0.6% takes effect on Jan. 1, 2022. But for now, the current rate of 0.4% is in effect until Dec. 31, 2021. Employers will pay approximately 27% of the total premium and employees will pay about 73%. Continue using the 0.4% rate for the rest of 2021. But don’t forget to withhold at the new 0.6% rate starting in January! If you don’t, you’ll be responsible for the difference during quarterly reporting.
What’s next Update your calculations and withhold the new 0.6% rate starting in January. If you don’t, you’ll be responsible for the difference during quarterly reporting. For your calculations, the employer share of premiums is 26.78% and the employee share is 73.22%. We will have updated resources available at paidleave.wa.gov for you and your employees before the end of the year. Stay tuned!
Rate is increasing due to higher usage and reduced payrolls during the pandemic: Washington workers are finding value in Paid Leave. They are using the program as intended, and it’s allowing them to take care of themselves and their loved ones when they need it most. There has been high usage of the program this year, and family leave use was higher than medical leave use.About 51% of our claims are for family leave and about 49% are for medical leave. This means we need to change the amount we collect in premiums for each type of leave. Reduced payrolls during the pandemic While overall usage has been high, the total premiums collected during quarterly reporting have been lower because of reduced payrolls due to Covid-19.